DGBAS raises growth forecast

The Directorate-General of Budget, Accounting and Statistics (DGBAS) yesterday raised its forecast for the nation’s GDP growth to 3.59 percent annually, from the 3.53 percent it forecast last month, citing improving momentum in exports and private consumption.

It was the third straight time the DGBAS revised upward its forecast for this year’s GDP growth since October last year, when the agency forecast a 3.09 percent growth rate.

The agency also forecast the nation’s economy would grow 3.26 percent year-on-year in the current quarter, after expanding 3.72 percent last quarter.

That would pave the way for a much-anticipated pay raise as the growth would meet the government’s requirement for the labor council to raise the nation’s minimum monthly wage to NT$19,047 from NT$18,780.

The government has said it would increase the wage only after the nation’s GDP grew more than 3 percent for two consecutive quarters.

Directorate-General of Budget, Accounting and Statistics Minister Shih Su-mei (石素梅) recently attributed the upward adjustment in the GDP forecast for this year to the steady global economic sentiment.

“We have seen the global economy show significant signs of recovery,” Shih told a press conference.